From: Marc Krisjanous
Hi all,
I am about to go for a tax variation. I have two questions that I would like to ask:
1) Can you claim the IP loan interest (ATO) if the IP is vacant but you can prove that you have been trying to get a tenant.
2) Is there a situation where the ATO owes you so much money (YAY!) that it cannot pay back all the monies through the tax variation process for the financial year? That would mean that the ATO does not tax your income. If so will the ATO give a tax credit or do something else?
The reason why I ask this is that this is the first year of my IP purchase so I am looking at a good depreciation schedule - plus it’s negatively geared. I hope this makes sense!
Best Regards
Marc
Hi all,
I am about to go for a tax variation. I have two questions that I would like to ask:
1) Can you claim the IP loan interest (ATO) if the IP is vacant but you can prove that you have been trying to get a tenant.
2) Is there a situation where the ATO owes you so much money (YAY!) that it cannot pay back all the monies through the tax variation process for the financial year? That would mean that the ATO does not tax your income. If so will the ATO give a tax credit or do something else?
The reason why I ask this is that this is the first year of my IP purchase so I am looking at a good depreciation schedule - plus it’s negatively geared. I hope this makes sense!
Best Regards
Marc
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